异质性风险偏好、贴现率和收益预期在大学专业选择中的作用

Arpita Patnaik, Joanna Venator, Matthew Wiswall, basit. zafar
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引用次数: 27

摘要

摘要本文利用一组实验数据估计了一个丰富的大学专业选择模型。我们的评估策略结合了两种类型的数据:来自潜在人力资本决策的关于未来收益的自我报告信念的数据,以及基于风险和时间偏好的调查测量。我们展示了如何使用这些数据来识别一个一般的生命周期模型,允许异质信念和偏好的丰富模式。我们的数据使我们能够从个人对风险和耐心的偏好中分离出对风险程度的看法,或者对选择的当前与未来回报的看法。将我们对一般模型的估计与忽略风险和时间偏好异质性的模型的估计进行比较,我们发现这些受限制的模型夸大了收入对专业选择的重要性。此外,我们表明,尽管男性的风险厌恶和耐心程度低于女性,但对自身收入、风险厌恶和耐心的预期的性别差异并不能解释专业选择上的性别差异。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Role of Heterogeneous Risk Preferences, Discount Rates, and Earnings Expectations in College Major Choice
Abstract We estimate a rich model of college major choice using a panel of experimentally-derived data. Our estimation strategy combines two types of data: data on self-reported beliefs about future earnings from potential human capital decisions and survey-based measures of risk and time preferences. We show how to use these data to identify a general life-cycle model, allowing for rich patterns of heterogeneous beliefs and preferences. Our data allow us to separate perceptions about the degree of risk or about the current versus future payoffs for a choice from the individual’s preference for risk and patience. Comparing our estimates of the general model to estimates of models which ignore heterogeneity in risk and time preferences, we find that these restricted models overstate the importance of earnings to major choice. Additionally, we show that while men are less risk averse and patient than women, gender differences in expectations about own-earnings, risk aversion, and patience cannot explain gender gaps in major choice.
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